Timeframe: Weekly
TECHM has made a high of 1838 and completed the impulsive wave (5). It is the ending point of an impulsive wave that marks the beginning of a corrective wave. After the breakdown of the base channel, the price has stated an ABC correction.
TECHM has accomplished an impulsive wave at 943.7 with 2.618% reverse Fibonacci of wave (B) and 1.618% of wave (A). Wave (C) occurred nearby the previous sub-wave 4th at 943.
The current price movement is near the recent high of 1164, which represents a resistance level. This level should not be ignored if you have taken a long position. 1164 -1196 is a strong resistance zone that can abrupt upward momentum.
If the price breaks this range, swing/Positional traders can buy for the following targets: 1262 – 1360 – 1436+. Breaks out of the previous high suggest start of an impulsive wave, but the range breakout will be a strong evidence for an impulse.
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